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Enbridge Inc. ENB reported fourth-quarter 2024 adjusted earnings per share (EPS) of 53 cents, which beat the Zacks Consensus Estimate of 52 cents. The bottom line increased from the year-ago quarter’s level of 47 cents.
Total quarterly revenues of $11.6 billion increased from $8.4 billion recorded in the prior-year quarter. The top line also beat the Zacks Consensus Estimate of $4.8 billion.
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The strong quarterly results can be attributed to higher Adjusted EBITDA contributions from its major business segments like Liquids Pipelines, Gas Transmission, and Gas Distribution and Storage.
Enbridge Inc Price, Consensus and EPS Surprise
Enbridge Inc price-consensus-eps-surprise-chart | Enbridge Inc Quote
Segmental Analysis
Enbridge conducts business through five segments — Liquids Pipelines, Gas Transmission, Gas Distribution and Storage, Renewable Power Generation, and Eliminations and Other.
Liquids Pipelines: The segment’s adjusted earnings before interest, income taxes, and depreciation and amortization (EBITDA) totaled C$2.4 billion, up from C$2.37 billion in the year-earlier quarter. Higher contributions from the Mainline System, Regional Oil Sands System and Other Systems (including the Southern Lights Pipeline and Express-Platte System) aided the segment, partially offset by lower contributions from the Gulf Coast and Mid-Continent systems.
Gas Transmission: Adjusted earnings in this segment totaled C$1.27 billion, up from C$1.08 billion recorded in the fourth quarter of 2023. Higher contributions from the U.S. gas transmission segment and lower total operating costs associated with the same primarily aided the segment’s performance. Lower contributions from the Canadian Gas Transmission segment partially offset the positives.
Gas Distribution and Storage: The unit generated a profit of C$1,015 million, up from C$519 million in the prior-year quarter. The rise was mainly due to increased contributions from the U.S. Gas Utilities.
Renewable Power Generation: The segment recorded earnings of C$308 million, up from C$141 million in the prior-year quarter.
Eliminations and Other: The segment earned a profit of C$140 million, marking an improvement from a loss of C$2 million in the fourth quarter of 2023.
Distributable Cash Flow (DCF)
Enbridge reported a DCF of C$3.07 billion, up from C$2.73 billion recorded a year ago.
Balance Sheet
At the end of the fourth quarter, ENB reported long-term debt of C$93.4 billion. It had cash and cash equivalents of C$1.8 billion. The current portion of long-term debt was C$7.7 billion.